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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-04-15T15:38:00
The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.
The world’s two largest metal exchanges, the London Metal Exchange and the Chicago Mercantile Exchange, will no longer trade in new aluminum, copper, and nickel produced by Russia, the Treasury announced in a press release Friday. To implement the new policy, the Treasury issued two new determinations that will be enforced by its Office of Foreign Assets Control (OFAC).
“By taking this action in a targeted and responsible manner, we will reduce Russia’s earnings while protecting our partners and allies from unwanted spillover effects,” said Janet Yellen, Secretary of the Treasury, in the release.
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News and analysis for the well-informed compliance or audit exec.
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2024-06-17T16:53:00Z By Aaron Nicodemus
A Washington state importer has been ordered by the Department of Justice to pay a $360,000 fine and hire a chief compliance officer after imported wood items the company claimed to be from Malaysia were found to be from China.
2024-05-15T20:56:00Z By Adrianne Appel
Three Russia-based companies and an individual were designated by the U.S. Treasury Department for trying to recapture more than $1.5 billion in frozen shares owned by a previously sanctioned Russian oligarch using a complex evasion scheme.
2024-04-18T21:20:00Z By Jeff Dale
The Treasury Department announced new sanctions against Iran, with Treasury Secretary Janet Yellen promising “further actions in the days and weeks ahead” following the Middle East nation’s attack on Israel.
2024-06-26T14:37:00Z By Aaron Nicodemus
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
2024-06-21T16:37:00Z By Jeff Dale
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
2024-06-12T02:35:00Z By Jeff Dale
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
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